Stocks fall, yields rise as Fed details inflation efforts

Stocks fell and bond yields rose on Wall Street in afternoon buying and selling Wednesday after details from final month’s Federal Reserve assembly confirmed the central financial institution intends to be aggressive in its efforts to combat inflation.

Minutes from the assembly present that policymakers typically agreed to start chopping the Fed’s stockpile of the Treasury’s and mortgage-backed securities by about $95 billion a month, beginning in May.

The S&P 500 fell 0.5%, the Dow Jones Industrial Average fell 0.1% and the Nasdaq fell 1.4%.

Technology corporations had among the largest losses.

The yield on the 10-year Treasury rose to 2.61%.